Abu Dhabi's ADNOC makes new bid for stake in Brazil's Braskem; shares soar | Reuters
Brazilian petrochemical producer Braskem (BRKM5.SA) on Thursday said Abu Dhabi oil company ADNOC (ADNOC.UL) has presented a new non-binding offer to buy conglomerate Novonor's stake in the firm.
Novonor, formerly known as Odebrecht, is Braskem's main shareholder alongside state-run oil firm Petrobras (PETR4.SA), but has been long looking to sell its controlling stake as part of a broader restructuring.
According to Braskem, ADNOC's bid implies the price of 37.29 reais per share of the company, with an equity value of 10.5 billion reais ($2.14 billion) for Novonor's 38.3% stake in the petrochemical firm.
That represents a premium of more than 100% over Braskem's Wednesday closing price, and Sao Paulo-traded shares of the company soared as much as 23% following the news, making it the top gainer on Brazil's benchmark stock index Bovespa (.BVSP).
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